5 Buying Tips for a Condominium

Posted on June 25, 2014 by

Demand for a condominium living in Gurgaon is growing for many reasons like location, less expensive, building services, all amenities, security and professional management and the city’s rapid urbanization. Right from 2 BHK Flats in Gurgaon, to villas to individual residences, you have a great range of flats to choose from for a condominium in Gurgaon.

Flats in Gurgaon

However, there are certain factors to consider when you want to own a condominium

  • First of all, consider the location and the design plan of your condominium, the size of the living area, along with lots of green space so that you get a feeling of openness and a great view.
  • The next factor is your financial criteria. Consider not only the price of the condo unit but also the total monthly cost of ownership. As an owner, you are bound to pay for property taxes, insurance, monthly maintenance, association fees, in addition to mortgage payments. At times you end up paying high maintenance charges.
  • What are the merits and demerits of condominium living? No doubt while living in a condo, you enjoy a great community living with lots of fun, entertainment and recreation, you are not responsible for repairs and maintenance and you have 24 hours security. But, there are also demerits associated with condo living. You may not be able to decide when repairs and maintenance get done, your neighbor might sell or rent his portion without your knowledge, or you may have to pay for services that you might never use.
  • Check out the covenants, conditions and restrictions thoroughly. Condominium buyers should be very clear about the by laws, rules and regulations, or the house rules before signing the agreement or ownership paper.
  • Before buying a condominium, the owner should also take into account the payment for insurance. There should be two insurance policies. One is the owner’s policy, which covers his or her personal property. Any liability that takes place inside his or her unit should be borne by the condo unit owner. But, the other insurance policy is for the homeowners association, which covers the structure of the building, the common areas and all liability that occur in the common areas.

Vatika India Next – Tranquil Heights

Vatika India Next has come up with Tranquil Heights, an upcoming project that will make condominium living a luxurious one. With modern amenities and contemporary design structure, the project will offer 2, 3 and 4 BHK apartments, which are a combination of both mid-rise and high-rise towers, with lot of open space. Situated at a prime location in Gurgaon in the heart of Vatika India Next, enjoy a never before comfortable condo living at Tranquil Heights.

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